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THURSDAY, NOVEMBER 26, 2009
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Cuomo Raises Pressure on Merrill

He says company faces lawsuit over auction-rate securities

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(Newser) – With Wachovia locked in to buying back $9 billion in auction-rate securities from clients, New York Attorney General Andrew Cuomo has his sights set next on finance titans Merrill Lynch and Goldman Sachs, Bloomberg reports. Cuomo says Merrill faces an "imminent" lawsuit after offering to buy back $10 billion of the bonds, which he says is an unsatisfactory amount. The companies are accused of misleading investors.

"There are dozens of firms who've been involved in this area,'' Cuomo said. "We're starting at the top…the larger the firm, the larger the portfolio, the more intense our effort."

Attorney General Andrew Cuomo.
Attorney General Andrew Cuomo.   (AP Photo)
In this Jan. 26, 2008, file photo, Chief Executive Officer of Merrill Lynch, USA, John Thain speaks during a working session at the World Economic Forum in Davos, Switzerland.
In this Jan. 26, 2008, file photo, Chief Executive Officer of Merrill Lynch, USA, John Thain speaks during a working session at the World Economic Forum in Davos, Switzerland.   (AP Photo)
The corporate logo for Merrill Lynch is shown at an office, Tuesday, July 17, 2007 in New York.
The corporate logo for Merrill Lynch is shown at an office, Tuesday, July 17, 2007 in New York.   (AP Photo/Mark Lennihan)
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At the heart of this investigation is the simple goal of returning billions of dollars back into the hands of investors, which in turn injects confidence into the entire market. - Andrew Cuomo

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Attorney General • Goldman Sachs • Wachovia • Merrill Lynch • lawsuit • Andrew Cuomo • auction-rate securities

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